Obama Believes That Taxes Help In Debt Reduction

President Obama believes that the U.S. can reduce its $15 trillion-plus federal debt by generating revenue from the increase in taxes.

While attending the Business Roundtable talks Obama stated that along with finding ways to cut spending, revenue had to also be dealt with. He believes that the people of America understand that this must be done in order to solve the country’s financial problems.

Taxes will be on everyone’s minds at election time.

The opponents of Obama- Mitt Romney, Ron Paul, Newt Gingrich and Rick Santorum, all are in opposition of increasing taxes. They argue that the creations of jobs and the economy’s growth will not benefit from the tax increases.

The GOP Republicans have led the way in White House budget crises by opposing any hikes in taxes.

No matter what the election outcome is in November, December is sure to bring any tax increase issues to the forefront.

The end of the year will bring to an end the tax cuts that were signed by then-President George W. Bush, along with the recently signed payroll tax cut.
Obama’s desire is to end the tax cuts signed by Bush for those individuals making a yearly income of more than $200,000. All the while he is pushing for a rule that would require at least 30 percent of a millionaire’s income to be paid in taxes.

Obama claims that his only desire is to create a balanced approach to reduce debt, not creating huge tax increases.

It is believed that the economy can be stabilized by making moderate tax adjustments, and by doing this, America can be back on top in the future.

Bush Tax Cuts Do Not Need a Tax Extension

According to the Economic Policy Institute (EPI) it has been ten years since the tax cuts from former President George W. Bush were passed into law, and people are still unhappy about the outcome of the tax reductions.  People believe that the tax cuts were useless, very expensive, and not fair to all Americans.

EPI wants what is best for the economic status of the middle- and low-class Americans.  While doing some research, they found ten things about the Bush Tax Cuts that are important to know and understand.

1. The tax cuts helped out the wealthy more than anyone, … Read the rest

According to the Economic Policy Institute (EPI) it has been ten years since the tax cuts from former President George W. Bush were passed into law, and people are still unhappy about the outcome of the tax reductions.  People believe that the tax cuts were useless, very expensive, and not fair to all Americans.

EPI wants what is best for the economic status of the middle- and low-class Americans.  While doing some research, they found ten things about the Bush Tax Cuts that are important to know and understand.

1. The tax cuts helped out the wealthy more than anyone, and they are the ones that needed help the least.

2. Low-income families only received around 1% of the tax cut benefit, and some of these families did not see any improvement at all in their overall tax situation.

3. Wages were lowered and there was no trickle down of opportunities like there was hoped to be.

4. The stimulus was very poorly designed.

5. The economic growth that was likely to happen was not long-term and the recession increased as time passed.

6. The tax cuts were so widespread that it made the national debt even greater than previously anticipated.

7. The cuts were more expensive than they promised to be.

8. They were more expensive than promised, and they still continue to be expensive.

9. Much Federal revenue was reduced by these tax cuts as estate taxes were removed.

10. Finally, the cuts have increased interest spending by America, even today. Much of the new debt is required to pay the interest on the new debt accumulated.